Polkadot cryptocurrency trades up $0.086, approximately 1.9% higher this afternoon

Currently trading at $4.61, Polkadot remains range-bound between $4.49 and $4.66.

Polkadot reversed direction at $4.58 resistance zone and retreated back 3 cents below it. Polkadot made an initial breakout above its 10 day Simple Moving Average at $4.56, a potential indicator of a newly emerging bullish phase. Polkadot's lower Bollinger Band® is at $4.16, indicating that the market is oversold and fertile for new buyers.

Following today's unexpected gains, extensive multifactorial technical analysis forecasts Polkadot to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the Polkadot is expected to pick up significant bullish sentiment in the coming days.

Polkadot shows positive signs, other assets are also on par: having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. Ripple improves 1.79% to trade around $0.488.

Meanwhile, TRON is trading around $0.071 (down $0.001).

Polkadot has shed 28.68% over the past three months. Polkadot is currently trading with a market cap of 5.51 billion with an average daily volume of 116.92 million.